Oil prices fall amid US Fed decision

Oil prices declined due to the US Federal Reserve's (Fed) decision to lower the base rate by 25 basis points, Report informs.

Following this decision, both Brent crude and WTI have lost more than 2.5% in price since the beginning of this week.

The price of February Brent futures on the London ICE Futures exchange was $72.44 per barrel, which is $0.44 (0.6%) lower than the previous trading session's close.

WTI oil futures for February on the New York Mercantile Exchange (NYMEX) electronic trading decreased by $0.42 (0.61%) to $68.96 per barrel.